Delaware Investments Natl Muni Income
VFLFinancial Services · Stock · monthly payer
Forward Yield
5.82%
Annual Dividend
$0.60
Payout Ratio
250%
5-Yr Growth
3.2%
Ex-Date
Jun 29, 2026
Frequency
Monthly
Summary
As of September 2026, Delaware Investments Natl Muni Income (VFL) yields 5.82% ($0.60 per share annually), with a blended fair-value estimate of $7.61 — -26% downside, so it screens as overvalued. Dividend safety grade: D (49/100). 2 years of dividend growth.
Is VFL a good dividend stock?
MixedDelaware Investments Natl Muni Income (VFL) pays a monthly dividend yielding 5.82% ($0.60/yr), with 2 years of growth and a dividend-safety grade of D. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.
Advantages
Risks
- Cut its dividend in 2023
- Elevated payout ratio (250%)
- Below-average dividend safety score
Key Data
- Dividend Yield
- 5.82%
- Payout Ratio
- 250%
- Annual Dividend
- $0.60
- 5-Yr Avg Growth
- 3.2%
- Ex-Dividend Date
- Jun 29, 2026
- Years of Growth
- 2
- Frequency
- monthly
- Beta
- 0.76
- Market Cap
- $126.6M
- P/E Ratio
- 43.0
- 5-Yr Total Return
- —
- 52-Week Range
- $9.38 – $11.31
- Dividend Safety
- D · 49/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
VFL Price — Last 12 Months
Daily close
Price Return
1 Year
—
3 Years
—
5 Years
—
52-Week Range
$9.38 – $11.31
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is VFL worth?
Overvaluedlow confidenceOur blended fair-value estimate for Delaware Investments Natl Muni Income is $7.61 per share, versus a market price of $10.31. That implies 26% of downside.
Fair Value
$7.61
Current Price
$10.31
Downside
-26%
Margin of Safety
-35%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about -10.0% annual free-cash-flow growth. We model 3.1% — below our estimate, leaving room for upside if the business executes.
Assumptions: 8.1% discount rate (CAPM), 3.1% stage-1 growth, 2.5% terminal growth, $0.24 EPS, $0.60 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
VFL Dividend Safety Score
Risky
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Jun 29, 2026 | — | $0.0240 | regular |
| Jun 23, 2026 | — | $0.0500 | regular |
| May 21, 2026 | — | $0.0500 | regular |
| Apr 22, 2026 | — | $0.0500 | regular |
| Mar 24, 2026 | — | $0.0500 | regular |
| Feb 20, 2026 | — | $0.0500 | regular |
| Jan 23, 2026 | — | $0.0500 | regular |
| Dec 31, 2025 | — | $0.0500 | regular |
| Nov 21, 2025 | — | $0.0500 | regular |
| Oct 24, 2025 | — | $0.0500 | regular |
| Sep 23, 2025 | — | $0.0500 | regular |
| Aug 22, 2025 | — | $0.0500 | regular |
| Jul 24, 2025 | — | $0.0500 | regular |
| Jun 23, 2025 | — | $0.0500 | regular |
Income Calculator
At $0.60 / yr per share
